Monthly Archives: May 2024

Catching you up on all things VCIA

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It has been a busy last couple of weeks for the VCIA. Our spring webinar kicked us off on May 16th with a great panel and moderator that attracted 100% positive responses from the survey. Both the subject matter and the ability of the presenting team really resonated with participants, and it was great to see the idea come to fruition through planning. 

The following week, the VCIA’s Board of Directors met for a full day at the lovely Essex Resort. In addition to the regular business of the board, it was the official launch of our strategic planning process.  Board member Ian Davis is leading the effort here, and we expect a combination of listening sessions, surveys and one-on-one interviews to go on throughout the summer as we seek to discern what all stakeholders want and need from the VCIA as we approach and move into our fifth decade. Our need for your input is critical, so as the process develops, please watch for opportunities to be heard and make sure that your voice is a part of this. 

A beautiful and big space for the spring mixer!

After the board meeting, we stayed on at the Essex Resort for our Spring Mixer, sponsored by Johnson & Lambert.  A great newly-opened facility greeted us (some of the more sensitive could still smell the paint!), and we enjoyed a delightful early evening with colleagues and friends from near and far.

And, of course, we have been busy prepping for flagship conference. Our new Association Management System launched just as we opened registration for the conference. All system launches have hiccups, but thanks to great work on the part of staff, especially VCIA Technology Manager Drew Frazier, and a great vendor we are in good shape and already seeing benefits. One very tangible benefit is that after three weeks this system seems to be ‘Kevin-proof’ which is always good to have! 

Nikki, second to left, with VCIA friends

In more good news: we are now fully staffed. Joining us just last week, Nikki Fitzcharles is already diving into diverse projects and responsibilities including accounting, committee support and data management.  And into her third week, Haley Stevens, our summer conference intern is working in building conference and app materials.

This week, Angie Armour and I started our visits with captive management companies in Vermont. This had been put to one side during COVID, and it was great to get out and meet these dynamic organizations and individuals on their home turf. In addition to talking about VCIA initiatives, each meeting also gave us the opportunity to gain valuable feedback from industry leaders as to the state of the industry and ideas to improve the VCIA’s appeal to members. 

On the topic of the conference, registrations are rolling in and we are so grateful for the support of the industry in making this the hallmark event that it is. We have just one month left of the early bird period, so I encourage you to register as soon as possible.

Vermont summer is truly on its way!

Welcome VCIA Summer Intern, Haley Stevens!

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VCIA is delighted to welcome our new Summer 2024 Conference Intern, Haley Stevens, to the team. Haley is a May 2024 graduate from the University of Vermont Grossman School of Business. Throughout undergrad, she worked on digital media, event planning and content creation with the UVM Women in Business Club. “Women in Business has been my most fulfilling experience at UVM. It was a privilege to work closely with local female networks and enrich a community of young women on campus,” said Haley about her experience.  

Outside of academia, Haley is an avid outdoor enthusiast. From hiking, to kayaking, to skiing, she is taken with the beauty and excitement Vermont brings.  

Haley is thrilled to continue her education at Grossman in the Fall 2024 semester with the Sustainable Innovation MBA Program. “This is one of the leading sustainability programs in the country. My academic career thus far has inspired me to become a changemaker in the next generation of business; and I’m not too eager to leave Burlington anytime soon.”  

The VCIA is gearing up for a fantastic conference season as we welcome the Captive World to Burlington, VT. Haley will make a valued addition to the team.  

Looking to connect with Haley? Reach out on LinkedIn at https://www.linkedin.com/in/haley-stevens-55363b1a3/  and be sure to say hi to her at VCIA’s Spring Member Mixer happening next week!

Recap from RISKWORLD by Angie Armour

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I don’t think anything can quite prepare you for your first RIMS Conference. The insurance industry descends on San Diego and completely takes it over. All over the Gaslamp District, meetings are taking place, deals are being struck, and relationships are being cultivated. Massive exhibits are constructed using state-of-the-art technology and you can walk miles every day looking at exhibits ranging from a 16-foot bobblehead dog to a professionally crafted sandcastle and everything in between. So glad I heeded the “wear comfortable shoes” tip.

This is my third conference of the year, and it’s so different than World Captive Forum or CICA, that it’s truly in a category by itself. The sheer scale of it makes it so, with roughly 10,000 attendees filling the San Diego Convention Center and an exhibit hall that is at least three football fields in length.  It also encompasses so many different aspects of industry, and not just the more specific captive space we occupy (although safe to say it’s becoming more popular). I’ve learned a lot at each of the conferences I’ve attended, and RIMS was no exception.

My favorite thing about the past week was being a part of the State of Vermont delegation. Getting to know my Vermont-based colleagues from the DFR, captive managers, asset managers, lawyers, bankers, etc. was truly a highlight. We had a well-rounded team of Vermont representatives and I feel so fortunate to be surrounded by genuine, kind people in the captive industry. These folks work hard, but they also know how to have fun, and trust me, fun was had!

CEO Kevin Mead and I were also fortunate to meet up with a few of VCIA’s exhibitors, sponsors and members, and it’s always a joy to put faces with names and make a lasting connection. Seeing these folks and how excited they are to come to Burlington this summer made us that much more excited for the August conference.

Speaking of the conference, registration opens next week! All signs point to big attendee numbers and the VCIA team is hard at work to make it our best one yet. There are very few exhibit booths remaining and a couple of sponsorship opportunities available so do reach out if you’d like to be a part of the largest US captive insurance conference.

Cheers from San Diego!

Angie

May 16th Webinar Preview by Content Advisors Taylor O’Brien and Aaron Ciullo

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Vice President, Senior Account Manager at Marsh Taylor O’Brien
Vice President, Senior Account Manager at Marsh Aaron Ciullo

Insurance companies are facing challenges due to inflation and its impact on their investment portfolios, operating costs, and claim payouts. To address these challenges, the Vermont Captive Insurance Association (VCIA) is hosting a webinar on May 16, 2024, titled “The Balancing Act of Captive Management: A Unified Approach to Actuarial Analysis and Audit Requirements.”

Register for the webinar here!

The webinar will focus on the complex task of estimating liabilities for unpaid claims, which becomes even more challenging with changing variables. Panelists will highlight new auditing standards that emphasize the importance of loss reserve estimates and the use of an actuarial specialist. Attendees will gain practical methods to evaluate actuarial loss reserves, including considerations for methods and assumptions, data analysis, and supporting management’s selected point estimate.

The webinar aims to provide guidance for insurance companies and management to effectively manage their loss reserves and comply with auditing standards. Participants will gain valuable insights from consulting and industry perspectives, ensuring that their captives are sustainable, powerful, and successful as long-term risk management tools.

Learning objectives include understanding the challenges faced by insurance companies due to inflation, volatility in investment portfolios, and higher operating costs and claim payouts. Participants will also learn about the process of estimating liabilities for unpaid claims and its impact on an insurance company’s financial condition. The webinar will familiarize attendees with new auditing standards effective in 2023, emphasizing the importance of the loss reserve estimate and the use of an actuarial specialist.

Actuaries play a crucial role in estimating unpaid claim liabilities, and the webinar will cover common methods used by actuaries, such as loss development methods, expected loss methods, Bornhuetter-Ferguson methods, and counts and averages methods. Participants will also gain insights into the data elements provided to actuaries for estimating unpaid claim liabilities, including numerical and qualitative data.

Don’t miss this opportunity to gain valuable insights and guidance on effectively managing captive insurance. Register for the webinar today and take a proactive approach to managing your captives!